French luxury giant LVMH (Louis Vuitton Moet Hennessy) says it has reached a deal to buy US-based jewelry legend Tiffany & Co for $16.2 billion.
LVMH said in a statement Monday that the deal values the 180-year old Tiffany and its 300 boutiques worldwide at $135 a share.
« We are delighted to have the opportunity to welcome @TiffanyAndCo to the LVMH family. » Bernard Arnault. https://t.co/XigkCgwGPGpic.twitter.com/3UqfyLZ6Wq— LVMH (@LVMH) November 25, 2019
« We are delighted to have the opportunity to welcome @TiffanyAndCo to the LVMH family. » Bernard Arnault. https://t.co/XigkCgwGPGpic.twitter.com/3UqfyLZ6Wq
It says both companies' boards approved the deal and hope to finalize the takeover in 2020 subject to the approval of regulators and Tiffany shareholders.
LVMH says the deal will strengthen its position in high-end jewelry and in the US market.
Tiffany says the deal will ensure the company's long-term sustainability.
LVMH already owns 75 brands.